European lists in the red, with the FTSEurofirst300 index down by 0,7%, but Piazza Affari is saved and closes in a draw, +0,05%, 23.500 points, thanks to Ferrari's sprint (+7,46%) and , in general, to the Agnelli galaxy. The prancing horse reaches 103,20 euros per share, after the presentation of the accounts for the fourth quarter of 2017 and the end of a record year. Good news, in January, was also recorded for all of Italian industry, with manufacturing growing at the fastest rate for seven years. The flow of orders is strong, an excellent premise for 2018. Bonds also benefit.
The spread between Italian and German ten-year bonds collapsed, to its lowest since September 2016: 124.70 basis points, -6,87%, with a yield of 1,96%. In short, a positive trend, despite Bridgewater betting against Piazza Affari as the March 4 elections approach. The US hedge fund has in fact increased its bearish positions, selling short the shares of 18 blue chips. The object of the bearish bets, which emerge from Consob's updates on net short positions, are, among others, Intesa, Unicredit, Enel, Eni, Generali, Atlantia, Terna and Snam. According to Bloomberg calculations, Bridgewater has tripled its positions from $1,1 billion to $3 billion since October.
The worst place today is Frankfurt, -1,41%, weakened by the chemical, pharmaceutical and automotive sectors; less damage in Madrid -0,5%; Paris -0,5%; London -0,57%.
After the out of tune opening bell, New York stock markets are starting a slow recovery and are currently moving in positive territory. Markets are still digesting yesterday's Fed statement following its latest meeting led by Janet Yellen. No intervention on rates, but the spotlight is on inflation, which will rise and stabilize around the target growth of 2%. A premise that paves the way for at least three possible adjustments to the cost of money during 2018, starting from the March meeting.
Communications from the US central bank initially strengthened the dollar, but today it is losing weight again against the euro. The cross is currently 1,247. Stable gold, at 1342 dollars an ounce. It grows, but oil slows down after a flare-up, Brent 68,99 dollars a barrel, +0,15%.
On the Ftse Mib, the biggest increases of the day are for Ferrari; Cnh Industrail +4,74%, following the declarations of the CEO Richard Tobin on the hypothesis of a spinoff of Iveco. In this climate, Exor toasts, +1,9%. safe at the Agnelli house, even if FCA loses share -1,17%, with the US registrations figure (-13%) in January. Brilliant Ferragamo +2,25%. Campari did well +1,64%. Finally the plus sign returns in Leonardo's performance, +1,13%, after the bloodbath of the last few sessions.
The worst blue chip is Banco Bpm -1,96%, Unipol -1,85%, Atlantia, -1,46%, Brembo, -1,31%, Recordati -1,23%, also bad. Spaxs gets off on the right foot (+1,9%), the spac founded by Corrado Passera, today at its debut in Piazza Affari. On the occasion of the listing ceremony, Passera said that Spaxs, which in the IPO phase received requests for almost 800 million euros, "in a few months will integrate with an existing bank, small but beautiful" and will be "very active also in Npl, a world in which value can be created”.
